Press release
Soaring Demand Set to Propel Automotive V2X Market to $10.49 Billion by 2029
Automotive V2X Market
What Is the Expected CAGR for the Automotive V2X Market Through 2025?
The market size for automotive v2x has seen exceptional growth in the recent past. Its forecast predicts an increase from $1.59 billion in 2024 to $2.26 billion in 2025, marking an impressive compound annual growth rate (CAGR) of 42.4%. The substantial growth during the historic period is accredited to robust economic development in emerging markets, escalated investments in smart cities, a rise in vehicle theft incidences, and an increased demand for autonomous mobility.
What's the Projected Size of the Global Automotive V2X Market by 2029?
The market size for automotive v2x is anticipated to experience significant expansion in the forthcoming years, projecting a value of $10.49 billion in 2029 with a compound annual growth rate (CAGR) of 46.7%. Factors fuelling this growth during the estimated timeline include rapid urbanization, the incorporation of advanced safety features into cars, expanding auto industry and rising demand for electric vehicles. Key trends expected during this forecasted period involve a concentrated effort towards enhanced vehicle-to-everything (v2x) connectivity solutions, driving reliability and reinforcing market standing, initiation of cutting-edge c-v2x tech pilot projects, tech advancements, integration of 5g in automotive v2x, emphasis on partnerships and collaborations, expanding cellular v2x adoption to improve vehicle safety, and integration of artificial intelligence (AI).
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Top Growth Drivers in the Automotive V2X Industry: What's Accelerating the Market?
The rise in the need for fully self-driven vehicles is projected to stimulate the expansion of the automotive V2X market in the next few years. These autonomous vehicles, which can operate with minimal to no human intervention, can greatly benefit from V2X as it provides details about objects that other detectors fail to identify. Additionally, it assists in enhancing traffic efficiency by delivering information concerning traffic signals. For instance, a study by the Insurance Institute for Highway Safety, a non-profit organization based in the US, suggested that by 2025, around 3.5 million self-driving cars would be on American roads, a figure predicted to rise to 4.5 million by 2030. Therefore, the growing desire for completely autonomous vehicles is a driving force behind the growth of the automotive V2X market.
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What Trends Will Shape the Automotive V2X Market Through 2029 and Beyond?
Advancements in technology such as LTE-V2X are becoming increasingly prominent trends in the automotive V2X market. This cutting-edge information and communications technology is utilized in road transport systems to facilitate the exchange of information between vehicles, people, networks, and infrastructure. Leading firms in the automotive V2X industry are investing in the development of LTE-V2X technology to bolster their market position. For example, Cohda Wireless, an Australian company specializing in safe vehicle and connected vehicle design solutions and services, introduced the MK6 Road-Side Unit (RSU) in September 2022 to improve communication technology in connected vehicles. The MK6 Road-Side Unit (RSU) is a versatile and sophisticated vehicle-to-everything connectivity solution designed to aid the integration of connected cars on globally smart streets and highways. It encompasses comprehensive communication abilities such as DSRC, C-V2X, LTE/5G, and Wi-Fi/Bluetooth-offering users the reliability, flexibility, and cross-compatibility necessary for global deployment.
What Are the Main Segments in the Automotive V2X Market?
The automotive v2xmarket covered in this report is segmented -
1) By Technology: Emergency Vehicle Notification, Automated Driver Assistance, Passenger Information System, Line Of Sight, Others
2) By Vehicle Type: Passenger Cars, Commercial Vehicles
3) By Connectivity: Direct Short-Range Communications (DSRC), Cellular
4) By Communication: Vehicle To Vehicle (V2V), Vehicle To Infrastructure (V2I), Vehicle To Pedestrian (V2P), Vehicle To Grid (V2G), Vehicle To Cloud (V2C), Vehicle To Device (V2D)
Subsegments:
1) By Passenger Cars: Sedans, Hatchbacks, SUVs (Sport Utility Vehicles), Coupes, Convertibles
2) By Commercial Vehicles: Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs), Buses And Coaches, Trucks, Vans
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Which Top Companies are Driving Growth in the Automotive V2X Market?
Major companies operating in the automotive V2X market include Robert Bosch GmbH, NXP Semiconductors N.V., Samsung Electronics Co. Ltd., Lear Corporation, Continental AG, Qualcomm Technologies, Inc., LG Electronics, Aptiv PLC, Autotalks Ltd., Infineon Technologies AG, STMicroelectronics, Renesas Electronics, Aisin Automotive, Jost India, Mando Automotive India Pvt. Ltd, Automotive Axles Ltd, Denso India Pvt Ltd, Volvo Cars, Audi AG, Fibocom, Mercedes, Cohda Wireless, BMW Group, Delphi Technologies, Avtovaz, Avtotor, Kamaz, Sreda Ltd., Fort Telecom, Savari Inc., Harman International, Ford Motor Company, Verizon Communications, AT&T Inc.
Which Regions Will Dominate the Automotive V2X Market Through 2029?
North America was the largest region in the automotive V2X market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive v2x market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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